(July 8, 2011) Mitsubishi received good news Thursday when its new electric car was rated at 126 MPGe (gas-mileage equivalency meaning how its electricity use would compare to gasoline use) for city driving and 99 MPGe for highway driving by the EPA.

At the same time the Mitsubishi i was given a 62-mile driving range.

The gas mileage numbers compare favorably to the Chevrolet Volt's 95 city/90 highway when running on electricity alone without its gas engine, or the all-electric Nissan Leaf's 106 city/92 highway.

But the Mitsubishi i is a subcompact while the other two are considered compacts with more passenger space. And the Volt has unlimited range with its gas engine backup and the Leaf is rated with a 73 mile range.

The i is cheaper than its competitors, however, starting at $27,990 for the base ES model before a federal tax credit of $7,500 and various state financial incentives (subject to availability of funding). Mitsubishi brags that the i is the most affordably-priced mass-produced electric vehicle available in the United States. It sells for about $5,000 less than the Leaf and $13,000 less than the Volt.

"We feel that with the combination of capability, affordability, and high level of efficiency offered by the 2012 Mitsubishi i will prove very appealing to consumers considering EV transportation," said Yoichi Yokozawa, President and CEO of Mitsubishi Motors North America.

The i is now available for pre-order, arriving early in 2012.